Earnings from Miller Industries and Ansys

Miller Industries (MLR) reported that their third-quarter net sales were $164.7 million. That’s a drop of 2.2%. Net income was 34 cents per share. That’s down from 57 cents per share for last year’s third-quarter.

Gross profit was $17.8 million, or 10.8% of net sales, compared to $17.8 million, or 10.6% of net sales, for last year’s Q3.

For the nine months ended September 30, 2021, net sales were $515.8 million, an increase of 9.1% compared to $472.9 million in the prior year period. The Company reported net income of $13.5 million, or $1.19 per share for the first nine months of 2021, a decrease of 24.0% compared to net income of $17.8 million, or $1.56 per share for the first nine months of 2020.

Jeffrey I. Badgley, Co-Chief Executive Officer of the Company said, “Supply chain challenges and inflationary pressures increased throughout the quarter, making it increasingly difficult to secure certain parts to complete finished goods. However, we are pleased with our performance during the quarter despite these challenges and are encouraged by the demand trends in our end-markets. That said, we are unsure of when the supply chain disruptions and labor headwinds will subside, and we will continue to leverage all of our resources to ensure that we meet customer demand.”

Mr. Badgley continued, “Given demand near all-time highs, we feel confident about our long-term business prospects. Further, our international operations had a very successful quarter as Europe’s pandemic restrictions began to ease. Though supply chain challenges remain, we continue to be conservative with our cash, grow our backlog, and improve our operational efficiency. As we move towards and into 2022, we believe the Company is well-positioned to take advantage of growth opportunities when supply chain related issues eventually subside. We believe that our strong financial position and cash flow will allow us to bounce back from these headwinds and give us the financial flexibility to deliver for our customers and generate long-term shareholder value.”

Ansys (ANSS) reported Q3 revenue growth of 21% and earnings of $1.59 per share. Wall Street had been expecting earnings of $1.34 per share.

“Ansys recorded excellent third quarter results, in which we exceeded our financial guidance across all key metrics. Our double-digit growth thus far in 2021 is further evidence of our multiphysics product leadership and strong customer relationships, which are furthering our strategy of making simulation pervasive across the product lifecycle. In October, we added to our market-leading portfolio with the acquisition of Zemax, expanding the scope of Ansys’ solution offering. With the addition of Zemax technologies, the industry-leading Ansys product portfolio will offer customers comprehensive, end-to-end solutions for simulating next-generation optical and photonics products,” said Ajei Gopal, Ansys president and CEO.

Nicole Anasenes, Ansys CFO, stated, “Our strong Q3 performance reflects the strength of our core business and continued momentum across our enterprise and small- and medium-sized customers. During Q3, Ansys recorded ACV growth of 20% and revenue growth of 20% and 21% on a GAAP and non-GAAP basis, respectively. The Q3 results further contributed to the strong year-to-date performance, reflecting ACV growth of 17% and revenue growth of 18% and 19% on a GAAP and non-GAAP basis, respectively.”

Anasenes further stated, “Our year-to-date results indicate we are tracking to our business model of double-digit growth with industry-leading margins. Looking towards the end of the year, we continue to see a robust deal pipeline and momentum in the business, bolstering our confidence to raise full-year financial guidance above and beyond the impact of our strong Q3 top-line performance.”

Ansys expects Q4 earnings to range between $2.48 and $2.81 per share. That comes to full-year earnings of $7.05 to $7.38 per share. The previous guidance range was $6.85 to $7.15 per share.

Posted by on November 3rd, 2021 at 4:46 pm


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